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Bitcoin

April

James

<div class="sg-post-des">
  Bitcoin exchanges see the largest one-day exchange BTC inflow since the Silicon Valley Bank collapse. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) returned to <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s en masse on July 27 in a sign that “major <a rel="noopener noreferrer nofollow" title="volatility" href="https://thebittimes.com/tag/volatility.html">volatility</a>” could come next.</p> 
 <p>According to data from on-chain analytics firm Glassnode, intraday BTC exchange inflows have hit multi-month highs.</p> 
 <h2 id="trader-warns-of-btc-price-volatility-spike">Trader warns of BTC price volatility “spike”</h2> 
 <p>BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action continues to linger below $30,000, and traders have consistently warned that further downside could come next.</p> 
 <p>At current levels, Bitcoin’s largest-volume investor cohort, the whales, appear to be in a state of flux in an unclear market.</p> 
 <p>Now, with large tranches of&nbsp;coins on the move in recent days, attention is focusing on entities sending funds to exchanges — with the implication that selling pressure could increase as a result.</p> 
 <p>As noted by market observers, including James Straten, research and data analyst at crypto insights firm CryptoSlate, over 10,000 BTC in inflows on a single day represented the biggest one-day increase for several months.</p> 
 <p>“Yesterday, the most amount of Bitcoin went back onto <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s since the SVB collapse in March,” he commented on July 28.</p> 
 <p>Straten referenced the fall of Silicon Valley Bank (SVB), which at the time sparked mass market uncertainty.</p> 
 <p>“Watch out for a spike in <a rel="noopener noreferrer nofollow" title="volatility" href="https://thebittimes.com/tag/volatility.html">volatility</a>!” popular trader Ali continued on the topic, alongside data from research firm Santiment.</p> 
 <blockquote>
   “A large number of idle BTC has been exchanging hands over the past 24 hours, which coincides with a 10,000 BTC increase in supply on crypto exchanges.” 
 </blockquote> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/07/28/9986ad5b87c21af288f21ad25cc8635e.webp"> 
  <figcaption style="text-align: center;"> <em>Bitcoin exchange supply data. Source: Ali/Twitter</em> 
  </figcaption> 
 </figure> 
 <p>Glassnode shows that the changes took the combined BTC balance on the <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s it monitors back above the 2.25-million mark.</p> 
 <p>Overall, however, balances remain at multi-year lows, having last circled 2.25 million in March 2018.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/07/28/0c7473aaefb4f671e22f872ef3178dbb.webp"> 
  <figcaption style="text-align: center;"> <em>Bitcoin Balance on Exchanges chart. Source: Glassnode</em> 
  </figcaption> 
 </figure> 
 <h2 id="bitcoin-hodler-cost-basis-in-focus">Bitcoin hodler cost basis in focus</h2> 
 <p>Continuing, Straten noted the ongoing influence of the cost basis of various hodler cohorts over BTC price.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin bull run next? Bitfinex stablecoin ratio ‘blows up’ in 2023</em></strong></p> 
 <p>The cost basis of both short-term and long-term holders, already on the radar at Glassnode and elsewhere, remain important support levels.</p> 
 <p>“Bitcoin long-term holders have reduced their cost basis to $20,490. This is the lowest cost basis since April 2022. Realized price is now only $70 below,” he wrote alongside a summary chart. </p> 
 <blockquote>
   “Price in both the 2015 and 2019 bear markets used short-term holder realized price as support, 2023 is exactly the same, testing it three times so far $28,241.” 
 </blockquote> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/07/29/a07b80220c63bfca77f3f64f5bade91e.webp"> 
  <figcaption style="text-align: center;"> <em>Bitcoin long-term and short-term holder cost basis data. Source: James Straten/Twitter</em> 
  </figcaption> 
 </figure> 
 <p><strong><em>Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books</em></strong></p> 
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p> 
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Bitcoin price risks ‘major volatility’ as 10K BTC hits exchanges

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